The US billionaire who pours money into Vietnam’s garment industry In the eyes of Wilbur L. Ross, the 200th richest American, Vietnam is an interesting destination for investment from the US.   Billionaire Wilbur L. Ross.  Ross did not hesitate to make positive comments about the potential of financial investments, as well as expectations for the economy of Vietnam. "Your country is undergoing a dramatic transformation of state-owned enterprises between the Government and private investors. This is a rare and interesting opportunity," the 78-year-old billionaire said. Born in 1937 in New Jersey, US, Ross is one of the most famous investors in America. He is known for "reviving" companies on the verge of bankruptcy by using financial leverage. As of July 2015, Ross owns a fortune of $3 billion, ranked 603rd on the list of the world's richest by Forbes. In the US, he is the 200th richest man. Betting on bankruptcies and distressed assets has made Ross a billionaire. He spent 25 years heading up Rothschild Inc's bankruptcy practice before striking out on his own in 2000. In recent years, troubled banks have been his sweet spot. He sold his remaining stake in Bank of Ireland in 2014, tripling his initial investment made during the height of 2011 euro debt crisis. In June of 2014, he raised $435 million through the IPO of his WL Ross Holding, of which he owns 20%. Ross and a group of investors bought $1.3 billion worth of shares in Bank of Cyprus a month later. Ross is chairman of the Japanese Society in New York and was awarded the Order of the Rising Sun, Gold and Silver Star from the Japanese government in February for his contributions to US-Japan relations. An avid art collector, Ross has more than 20 works by Belgian surrealist Rene Magritte and contemporary pieces by Chinese and Vietnamese artists. Why does Wilbur Ross want to invest in Vietnam? On June 25, 2015, Wilbur Ross announced the signing of the cooperation agreement in various fields with the Vietnam Textile and Garment Corporation (Vinatex). The International Textile Group (ITG) planned to invest and upgrade Vinatex facilities nationwide. During an interview with AmCham recently, the billionaire said he was inspired by the country. "We are extremely excited about Vietnam. In terms of its political and economic evolution, it is about where China was 20 years ago," he said. “Wages are about one half of China’s - yet the workforce is equally disciplined, and they have a good work ethic and manual dexterity. It is not on the same scale since Vietnam has only about 85 million people, 1/20th as many as China, but that is one and one-half times the population of South Korea,” he said. He also emphasized that Vietnam is capable of becoming a major economy, like what South Korea had done in recent decades. Ross said he and partners planned to build a joint venture textile company in Da Nang. “When you think about how important South Korea has become to the world economy, I don’t see any structural reason why Vietnam over time cannot approach or exceed Korean levels. This is particularly true now that Vietnam has been admitted to the WTO and has achieved permanent normal trade relation status with the US. In both cases, Vietnam had to make some real sacrifices in terms of its contractual obligations, but it achieved these goals, so we are very keen about opportunities there,” he added. Speaking at an investment promotion conference themed “My Vietnam - your investment destination”, held in New York on July 1, Ross said Vietnam was an attractive destination for international capital flows. "I went to Vietnam for the first time in 2001. At that time, many families still drove bicycles. Recently, I visited Vietnam and I saw them owning cars and even big hotels. Obviously, Vietnam has had impressive economic growth and I personally think that it is the safest country in the world," he said. He praised the business environment in Vietnam, for its efforts to reform the economy, including tax policy reform and the loosening of ownership of shares for foreign investors. The 78-year-old billionaire said that Vietnam’s major industries for export and property would thrive and be worth investment interest. Ross is not only a businessman but also an art collector. Ross’s entire art collection is conservatively valued at $150 million and includes pieces ranging from Western surrealists to contemporary Eastern sculptures and some from Vietnam. Wilbur Ross may be the best-known turnaround financier in the U.S., having been involved in the restructuring of over $200 billion in assets around the world. In 1998, Fortune Magazine called him "the King of Bankruptcy.” As Chairman and CEO of WL Ross & Company, Ross organized International Steel Group (ISG) in April 2002. This NYSE-listed firm quickly became the largest integrated steel company in North America. It then merged with Mittal Steel to form the largest steel company in the world. Ross has since gone on to form other companies including International Textile Group, International Coal Group and International Automotive Components, which have commenced operations and initiated acquisitions in the US, Asia Europe and Latin America. In 1999, Korean President Kim Dae Jung awarded Ross a medal for his help during the nation's 1998 financial crisis. He is a former Chairman of the Smithsonian National Board. Earlier, President Clinton appointed him to the Board of the U.S.-Russia Investment Fund, and he served as privatization advisor to New York City Mayor Rudolph Giuliani. Ross serves on the Executive Committee of the New York City Partnership and of the Japan Society and is a member of the Chairman’s Circle of the U.S.-India Business Council. He is a member of the Business Roundtable and a Board member of the Yale University School of Management, which has presented him with its Legend of Leadership Award. He is also a member of the Committee on Capital Markets Regulation. Mr. Ross holds an A.B. from Yale University and an M.B.A., with Distinction, from Harvard University. Compiled by Ngoc Huyen, VNN